Naira In Free Fall As Hope Of Recovery Continues

The Nigerian Naira on Tuesday, January 17 stayed unchanged at N497/$1 in black market, but crashed against pound and euro.

 According to report, the local currency now exchanges at N597 per pound from N595 and N521 per euro from N515 respectively. 

The local currency may be seeing its worst times but hopes have been rekindled, following reports that the Central Bank of Nigeria (CBN) plan to resume dollar sales to Bureau De Change (BDC) operators this week.

 Traders at the market said that while the scarcity of the greenback remained visible, there were strong indications that the Naira was on its way to imminent recovery.

 Alhaji Aminu Gwadabe, the president Association of Bureau De Change Operators of Nigeria (ABCON), expressed hope that the Naira would strengthen this week. 

Gwadabe said that the CBN would be selling about 25 million dollars to BDCs this week and it would definitely help in reducing liquidity challenge in the market.

 He urged Nigerians not to panic as the CBN was working closely with the BDCs to ensure that the Naira recovers quickly.